Finding a buyer for Philadelphia Energy Solutions' oil refinery has grown u...
NEW YORK - Finding a buyer for Philadelphia Energy Solutions’ oil refinery has grown urgent as the bankrupt company’s funds dwindle and no signs emerge that it is winning a fight for insurance payouts after a June blaze at the plant, according to court documents and bankruptcy experts.
At least three parties have potential proposals to buy the shut Philadelphia refinery, each with plans to reopen the 1,300-acre site with a mix of oil refining and alternative energy production, sources familiar with the plans said. For the second time in less than two years, PES filed for Chapter 11 bankruptcy on July 21, exactly a month after the fire and blasts destroyed an alkylation unit at the 335,000-barrel-per-day refinery.
“This time, it definitely seems like they’re playing a game against the clock,” said Christina Simeone, a senior fellow at the Kleinman Center for Energy Policy at the University of Pennsylvania, who wrote a report last year predicting the refinery would close by 2022 due to poor economics. PES recently retained one law firm for $4.6 million and another firm for $1 million, according to court documents.
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